Why you should start your Glastonbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Glastonbury property value

Unfortunately that a Glastonbury residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Glastonbury property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be payable. Most leasehold owners in Glastonbury will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.

Glastonbury property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to lend with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is probable that someone intending to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Glastonbury?

Irrespective of whether you are a tenant or a freeholder in Glastonbury,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Glastonbury valuers.

Glastonbury Lease Extension Case Summaries:

Kirsty, Glastonbury, Somerset,

Subsequent to lengthy negotiations with the freeholder of her leasehold flat in Glastonbury, Kirsty initiated the lease extension process as the 80 year mark was quickly advancing. The legal work was finalised in February 2011. The freeholder’s charges were negotiated to approximately 600 GBP.

Glastonbury case:

Mrs M Taylor acquired a ground floor apartment in Glastonbury in January 1996. The dilemma was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical residencies in Glastonbury with an extended lease were valued around £200,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish in 2103. Considering the 77 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.

Glastonbury case:

In 2009 we were e-mailed by Ms H Sharif who, having acquired a ground floor apartment in Glastonbury in January 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Glastonbury with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated in 2092. Having 66 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 not including fees.